A U.S. based major player in the art business; Christie’s, is set to ink a partnership agreement with a reputable independent digital registry for the art industry Artory in order to have blockchain do all the registration. Christie’s revealed this in a press release published recently.
According to Christie’s, blockchain technology seems to possess the inherent qualities needed to have a reliable, seamless and transparent system to record art transactions which are needed by the leading art auction house. To achieve this feat, Christie’s has collaborated with Artory, whose credibility and reliability speaks volume. Another apparent reason for this collaboration is owing to the fact that the latter has a secure digital registry of incredibly accurate information about artworks and collectibles.
Permanent Digital Record of Artworks
All things being equal, every single detail of all network from ‘An American Place: The Barney A. Ebsworth Collection’ which is sold on the ingenious Christie’s platform will be recorded the distributed ledger, and the highest bidder will be awarded an encrypted yet secure certification of the transaction.
The major auction house, established in 1766, will be offering art lovers premier auctions as well as private sales of the highest quality artworks designed by legends in the world of art. Christie’s revealed that it has amassed a staggering amount of GBP 2.97 billion ($4.04 billion) from its global art auctions, private and digital sales in the first half of this year.
The over 250-year old art auction house has further announced that it’s organizing a West Coast Tour of exquisite artworks from the Barney A. Ebsworth Collection, which is described by art experts as ‘most important privately-held collection of 20th Century American Art.’
Blockchain Facilitating Auction
Blockchain technology will be making its debut with this auction house in the auction sector, facilitating over $300 million worth of auction. The team has then revealed that all the necessary information about sales of each piece of art in the Ebsworth Collection, including titles, descriptions, final price and other vital details, will be securely recorded on the Artory blockchain registry.
As if that was not enough, Artory will be creating a digital certificate of every transaction for Christie’s as well as provide clients with a registration card to access an encrypted record of information relating to the purchased artwork on the Artory Registry.
Notably, personal information of buyers is neither stored in its Registry nor are they stored on the blockchain; this will ensure that participants have ultimate control over their personal data in the course of the transactions. CEO of Artory, Nanne Dekking expressed optimism in the partnership adding that the project marks the beginning of a new era in the world of art and auctions.